Issue of Equity

Elderstreet VCT PLC
30 March 2005

Elderstreet VCT PLC ('Elderstreet' or 'the Company')
Offer for subscription of 'C' Shares ('the Offer')

The Directors of Elderstreet are pleased to announce that, pursuant to the Offer
for Subscription as described in the prospectus issued by the Company on 15
February 2005, applications have been received for in excess of the minimum
aggregate subscription level of 500,000 ordinary shares of 5 pence each. On 30
March 2005, the Directors resolved to issue and allot 586,403 ordinary shares of
5 pence each, conditional only on admission ('Admission') of these 'C' shares to
the Official List of the UK Listing Authority and to trading on the main market
of the London Stock Exchange, with the remaining ordinary shares to be issued
and allotted before the end of the 2004/2005 tax year or during the 2005/2006
tax year.

It is expected that Admission will take place at 8.00 am on 5 April 2005.  The
Offer Price at which the 'C' shares were issued and allotted was £1.00 per 'C'
share.  Dealings in the 'C' shares are expected to commence on 5 April 2005 and
definitive documents of title are expected to be dispatched within 10 business
days of allotment.  The Offer is expected to remain open until 27 May 2005.

The Directors also announce that, included within the above, are the following
allotments to Directors and connected parties:

Michael Jackson, a Director, was allotted 200,000 'C' Shares in the Company at a
price of £1 per share representing 39.1 per cent. of the issued 'C' share
capital.  Following this allotment he controls 2.3% of the total voting rights
of the Company.

Barnaby Terry, an executive of the Investment Manager, Elderstreet Private
Equity Limited, has been was allotted 25,000 'C' Shares in the Company at a
price of £1 per share representing 4.9% per cent. of the issued 'C' share
capital.  Following this allotment he controls 0.2% of the total voting rights
of the Company.

Paul Frew, an executive of the Investment Manager, Elderstreet Private Equity
Limited, has been was allotted 25,000 'C' Shares in the Company at a price of £1
per share representing 4.9% per cent. of the issued 'C' share capital. Following
this allotment he controls 0.2% of the total voting rights of the Company.


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